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KPMG comments on today’s Brexit transition proposal

KPMG comments on Brexit transition proposal

Commenting after Michel Barnier said Brexit transition should end on 31 December 2020, James Stewart, Vice Chair at KPMG UK said:

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“The businesses I speak to are not really focussing on the end date of any implementation or transitionary period.

“What they are far more interested in, is whether legal certainty on the transition period can be established quickly, and whether agreement on a clear end state can be sorted out in 2018. Only then will the very real potential of a cliff edge in March 2019 begin to dissipate - or at least be pushed back to 2020 or 2021.

“Until then, business will simply continue planning for the worst case scenario, putting off major investment decisions as long as they can, whilst being acutely aware that the long lead times associated with system change mean some decisions cannot be ducked for very long.”

 

Ends.

 

Notes to editor:

For further information please contact:

Paul Middleton, KPMG Corporate Communications

T : (0)20 7694 2180

M : 0738 725 7543

E : Paul.Middleton@kpmg.co.uk

 

KPMG Press Office

T : +44 (0) 207 694 8773

About KPMG

KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 14,500 partners and staff. The UK firm recorded a revenue of £2.2 billion in the year ended 30 September 2017. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 152 countries and has 189,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.

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